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Questions and Answers
Which of the following is included in a company's assets?
Which of the following is included in a company's assets?
- Interest owed (correct)
- Accumulated profits
- Accounts payable
- General reserves
What is the accounting equation?
What is the accounting equation?
- Assets - Liabilities = Owner's Equity
- Assets = Liabilities + Owner's Equity (correct)
- Assets = Liabilities - Owner's Equity
- Assets + Liabilities = Owner's Equity
What does owner's equity represent?
What does owner's equity represent?
- Amount owed to the business owners
- Amount owed by the business owners
- Amount owned by the business owners (correct)
- Amount owed to the company
What is the current value of owner's equity in Gio's Barber Shop?
What is the current value of owner's equity in Gio's Barber Shop?
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What did Gio purchase for $20,000?
What did Gio purchase for $20,000?
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